Recording of Transactions

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Recording of Transactions - II Test 20

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Weekly Quiz Competition

Question 1
1 / -0

The sales book is a part of _________.

A
journal

B
ledger

C
balance sheet

D
trading A/c.

Solution

Sales day book is the subsidiary book. Subsidiary books are the sub-divisions of "Journal". These books are meant for recording the transactions of similar nature in a separate book. When there are many transactions, the journal is divided into subsidiary books to record such voluminous and events in one single book. these books also called as " Special journal or Special purpose book or Book of original or Prime entry". For e.g. All the cash transactions are recorded in one book i.e. Cash book. Thus cash book, sales book, purchase book etc. are examples of subsidiary book.
Question 2
1 / -0

Sale of typewriter that has been used in the office should be credited to __________.

A
Sales A/c

B
Cash A/c

C
Capital A/c

D
Typewriter A/c

Solution

Assets are the properties either tangible or intangible owned by a business.
Assets purchased by the business are not meant for the sale.
As per the golden rules of accounting, in real accounts we should Dr. what comes in and Cr. what goes out.
In the given question, we are given a fixed asset (typewriter) which we are selling, therefore asset account (typewriter) would be credited.
Question 3
1 / -0

Total of journal proper will be debited to __________.

A
cash account

B
customer's account

C
supplier's account

D
none of these
Question 4
1 / -0

Sales Book is used to record all __________.

A
sales of goods

B
sales returns

C
credit sales of assets other than goods

D
credit sales of goods.

Solution

Sales books is the subsidiary book used to record the translations related to sales. Sales book records only credit sale of goods. It does not record cash sales of goods or credit sale of assets. Sales account is always credited for sale, so the sales book always show credit balance. The sales journal is also totalled periodically and this total is credited to sales account in the ledger.
Question 5
1 / -0

Which of the following is correct?

A
Cash book is a journal and not a ledger

B
Cash book is a ledger and not a journal

C
Cash book is both a journal and a ledger

D
Cash book is neither a journal nor a ledger

Solution

The Separate ledger account is prepared for all cash receipts and cash payments. This Ledger is known as Cash Account.
While the cash book which is called as journal book records all the cash receipts and cash payments therefore, it is same as ledger.
Therefore, a cash book serves both journal and ledger purposes.
Question 6
1 / -0

Petty cash may be used to pay ______________________.

A
The expenses relating to passages and conveyance

B
Salaries and wages to the manual staff

C
For the purchase of furniture and fittings

D
None of these.

Solution

Petty cash may be used to pay the expenses relating to passages and conveyance.
Question 7
1 / -0

A cheque received and deposited in the bank on the same day is recorded in the ______________.

A
Cash column of the cash book

B
Bank column of the cash book

C
Credited in the cash book

D
Debited in the cash book.

Solution

A cheque received and deposited in the bank on the same day is recorded in the bank column of the cash book.
The Journal Entry for the same is
Bank a/c Dr.
To Cash a/c
(Being cheque deposited in bank)
Question 8
1 / -0

Single Column Cash Book may show ______________.

A
only a debit balance

B
only a credit balance

C
either debit balance or a credit balance

D
neither debit nor credit balance.

Solution

Its shows only debit balance as a business can spend more than it it have. Therefore, there cannot be a negetive cash.
Question 9
1 / -0

If the debit as well as the credit aspects of a transaction are recorded in the cash book itself, it is called ______________.

A
An opening entry

B
A compound entry

C
A transfer entry

D
A contra entry.

Solution

Contra Entry is an entry which is recorded to reverse or offset an entry on the other side of an account. If a debit entry is recorded in an account, contra entry will be recorded on the credit side and vice-versa.
Question 10
1 / -0

An allowance was offered for an early payment of cash will be recorded in the ___________.

A
sales book

B
cash book

C
journal proper (General Journal)

D
purchase book

Solution

An allowance was offered for an early payment of cash will be recorded in the cash book as cash is involved in it.

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Re-Attempt Weekly Quiz Competition

Recording of Transactions - II Test 20

Result

Recording of Transactions - II Test 20

Score

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Rank

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SHARING IS CARING

Question 1

journal

ledger

balance sheet

trading A/c.

Solution

Question 2

Sales A/c

Cash A/c

Capital A/c

Typewriter A/c

Solution

Question 3

cash account

customer's account

supplier's account

none of these

Question 4

sales of goods

sales returns

credit sales of assets other than goods

credit sales of goods.

Solution

Question 5

Cash book is a journal and not a ledger

Cash book is a ledger and not a journal

Cash book is both a journal and a ledger

Cash book is neither a journal nor a ledger

Solution

Question 6

The expenses relating to passages and conveyance

Salaries and wages to the manual staff

For the purchase of furniture and fittings

None of these.

Solution

Question 7

Cash column of the cash book

Bank column of the cash book

Credited in the cash book

Debited in the cash book.

Solution

Question 8

only a debit balance

only a credit balance

either debit balance or a credit balance

neither debit nor credit balance.

Solution

Question 9

An opening entry

A compound entry

A transfer entry

A contra entry.

Solution

Question 10

sales book

cash book

journal proper (General Journal)

purchase book

Solution

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